818 RES BEEN CALLED TO ATTENTION OF CITY COUNCIL THAT COP DOES NOT HAVE SUFFICIENT FUNDS TO MEET EXPENSE OF OPERATIONS

Home Browse Search

• • RE90LUTION N0. 818 WHEREAS, it has been called to the atteation of the City Council by the City Manager, Albert K. Steinheimer, and the City Clerk, H. C. Kennemer, that the City of Paris does not have on hands svfficient funds to meet the expense of operations of the tax supported departaaents of the City of Paris from now until the lst day of November, 19589 and it has been pointed out to the City Council that it has been necessary to make more than a normal amount of expenditures in the Street Department, in particular, during the good weather of the present summer, and that taxes for the budget year 1958-59 will not begin to come in and be paid until on and after the lst day of October, 1958; and, WHEREAS, it is necessary to obtain sufficient funds upon which to operate said tax supported departments until the payment of the taxes for the aforesaid budget year; and, WHEREAS, Section No. 79 of the Charter of the City of Paris provides for the issuance of negotiable notes of the City of Paris, the same to be de- signated "tax anticipation note for the year 1958-59," in anticipation of the collection of the property tax for said year, which tax has heretofore been levied; and, WHEREAS, the City Coancil has been advised that it will take $50,000.00 to cover the operations of the tax supported departments of the City of Paris for the period aforesaid; NOW, THEF?EFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PARIS, That the City Manager be, and he is hereby authorized to issue ten (10) tax anticipa- tion notes for the year 1958-59 in the principal sum of $5,000.00 each, all of said notes to be due and payable not• later than ninety (90) days from date hereof. That said notes shall bear the lowest rate of interest possible to be negotiated in the sale thereof, said rate of interest not to exceed four per cent (4%) per annum. Passed and adopted this 8th day of September, A. D.p 1958. ~ Mayor ArTEsr:, _ ~ l. , - - ~ City Clerk J APPRO D AS TO FORMs City Atto ey.